Duke Long, The Duke Long Agency’s Principal, gives us his insight about embracing technology
How does a commercial real estate firm of any type distinguish between its tech needs and tech wants?
Some if not all need to focus on the entire value chain of the transaction. From discovery to close and beyond. Data is a huge component of that. Example: How do you compare property A to B and C in the same market? Three people may do it in three different ways. Which is better? What datasets are you not looking at that may help you win business and do more deals? How close are you to that data? How is that defined for you? And by whom? What technologies are you not utilizing in any way shape or form? How do you know what you are missing? You don’t and that is the entire point.
What are driving forces behind more and more investment and development in CRE Tech?
Value and when I say that it’s more value for assets. I know that’s obvious. It’s always going to be about more efficiencies and better workflow to start, I think that’s a given But it’s now going to be about differentiating an asset and driving true value. That will come from extracting more data and the willingness to be transparent and with that…..Billions and Billions are being invested in that so why not take advantage of or maybe not….?
Why if any is there resistance to change? If so what is the reasoning behind this resistance?
Some might say it’s generational. That’s an easy answer but part of it is also the mentality of why fix what is perceived to not be broken. Maybe a question should be asked is what happens if you don’t? That might be an easy answer for some but if you have been in this business for 10 years or so and have maybe 30 to go, do you have any choice? Also what happens when that market changes and it will!!!
Is it all just a bunch of hype or are there real world changes taking place?
AI is becoming increasingly sensationalized as this evil force that will one day replace humans. We know that this isn’t true..or do we? The human touch is seen as essential, but is there such a thing as too much technology in general? I would say no, never. What if we just grasp that and see how much better the marketplace will be. Does that eliminate the human touch, maybe that will be a good thing! You may not think so but what if! And if anyone underestimates what AI will do to #CRE they do it at their own peril!